WTF happened to GenX and their retirement?

[@mattm597]

I'm a Gen-Xer. To me, "retirement" means working only part-time. I really think the era of healthy, able-bodied people retiring full-time and playing shuffleboard all day is over for the vast majority of the population. Full-time retirement will soon be a luxury of the very wealthy. Most of us will be working at least part-time until we are simply no longer able physically and/or mentally.

[@desiv1170]

Yep, older GenXer here... I think the problem is two-fold. One, GenX is the first generation that had a good chance of NOT having a pension. Two, financial education was (and still is for many) pretty bad. I know I had an accounting class and we learned debits and credits and how to balance a book for a business. (And I mean actual book. Like a paper ledger. No computers in my high school.) I remember my parents financial advice was "close the door; do you think we are made of money!" Now, this wasn't the same for everyone. I've heard of people who had an econ class that talked about compound interest. So I'm not saying it wasn't anywhere. Just not great. There is great financial information now, especially on KZbin. And that is great. Love going thru that and have learned so much in the last 5 or so years. But there's also a LOT of really terrible financial "information" out there. So I hope the younger generations will be doing better because they have more information. But I think GenX got caught in that spot between the loss of pensions and the lack of education (and better investment options).

[@MarcoPolo-zc6zo]

Spot on!

[@DS-Turbo]

I'm 49 and I got zero dollars in retirement. Now I'll have to put like 270 a week a way for the rest of my work life till 67 then I'll retire in another country so I can at least retire good enough

[@michaelbloom5342]

It's not too late. But it's getting close, so start.

[@ethanadams8165]

Invested at 7% return (not difficult to do) that gives you an inflation adjusted $320k. Very doable in the US if you have other debt paid off.

[@zoeslovely7096]

Take your pension early and INVEST it

[@livevideoschool]

Thanks for watching and sharing :-)

[@kwaichangcaine8234]

Late boomer here , moved to the USA in 93 with nothing so I more identify with the Gen X . Self employed carpenter divorced lost my paid for house in divorce so retirement will be skinny 😅. I'm 64 now and saving best i can and I can see a little light at the end of the tunnel

[@ssapp72]

You can do soooo well with a side hustle though as a carpenter. Good luck, divorce sucks. Save, invest, and rebuild yourself sir!

[@kwaichangcaine8234]

@@ssapp72 I'm on it hard sir

[@axxxingforanswers4648]

@@ssapp72 ...You're right....if you can work skillfully with your hands you can write your own ticket....it's a lost art today.

[@livevideoschool]

Good Luck! Sounds like a tough road.

[@ethanadams8165]

Boomer here who divorced at 58 (yes, very painful to the retirement fund). The one piece of advice I give to anybody that will listen is take good care of your health. Eat right and exercise. It is like adding to your retirement fund because it will allow you to work longer and gain that 8% per year increase in SS payout.

[@livevideoschool]

Wow! You nailed it. Health should be part of your retirement plan. Thanks for watching

[@ChristopherEvans-650]

Yep, Gen X here, retired on my 56th birthday, over 4 months ago. It can be done. Going into it, debt free and learning how to budget your expenses, is a must.

[@livevideoschool]

Congrats man! Debt free and expenses is big for sure. Thanks for watching and sharing 🙌

[@flowersinwind3141]

I am a single 53 female, I have been out of work no one will hire me. I have drove old cars my whole life, haven't went on vacation since I was 18 years old. I worked with fibromyalgia for years and that was difficult, 401k is underfunded ( I had medical expenses and too high of 401k fees, not to mentioned have not been paid enough). When will the government and some pensioners, wake up its not everyone's fault that some of us are not doing financially well. Thank you for your show.

[@livevideoschool]

Thanks for sharing your thoughts. Yes, it's crazy out there and that's why we need to take control ourselves. This is WHY I love doing online things like YT. Good Luck

[@flowersinwind3141]

I wanted to add one more thing, I just saw this on USA Today (interesting info): Single women ages 55 to 64 had $88,600 in retirement savings in 2022, on average, while single men had $136,685, according to the Center for Retirement Research at Boston College. Married couples had $423,802.

[@redparis9225]

It's quite sad that the best option for gen x is to just keep working and never retire. Call it part time, tell yourself you love to work, whatever you want to call it, it's just not retirement. Most gen Xers will probably never be able to actually retire. It's easy to say "I can work 20 hours that easy" but when you talk to some older folks that are stuck working these min wage jobs they are miserable. I'm a young guy who's worked these jobs and the stories I hear and the work they make people do who are obviously in pain is heartbreaking. But they do it anyway because they can't retire. As for your KZbin/side hustle recommendation that's extremely unpredictable and not at all reliable to keep yourself afloat. Your landlord doesn't care that your muscle car mason jar knitting KZbin channel hasn't taken off yet. The unfortunate truth, and it's one that you can witness all over at many stores and businesses, is that most gen Xers will be stock working the rest of their lives.

[@livevideoschool]

Well, someone that’s 52 years old and has enjoyed helping people in various aspects of their business. I don’t feel as it is work to me. But everyone is different and to each its own.

[@zoeslovely7096]

Gen x at 56 here. Retired last year. Most people are under the incorrect assumption that you need a million to retire early. You don't. Dave Ramsey is awful! There's lots of KZbinrs showing how to do it with much less.

[@livevideoschool]

Oh I agree! I don’t think you need a million but that helps 😀 That’s why I recorded this video to show there’s also ways to create supplemental income to help. Thanks for watching

[@zoeslovely7096]

@@livevideoschool I should have mentioned I'm in Canada, where the cost of living is exponentially higher than the US. And still, we make it work! ❤️

[@laureenchard4512]

Gen X here 50 yrs old. On track to retire in a comfortable way, not extravagantly. It can be done whether a home owner or renting, in a couple or single. Planning ahead is key.

[@livevideoschool]

Thanks for watching and yes I agree 😀

[@user-mr2eo9we3n]

I’m in my 50s and piss poor. I’ve always been underpaid. Single parent, raised a child and myself on minimum wage and high cost of living in Florida. I was driving 100 miles round trip to work. I live in multigenerational household to have shelter. My jobs have consisted of shitty bullying coworkers. My car is 2009 and paid in full. I quit my job due to bullying. They hired someone full time with benefits and higher pay and left me part time no benefits. I live on bare minimum. I’m tired of being screwed over. I only exist now because I have a (adult young) kid that has no one in their life.

[@livevideoschool]

Sorry to hear you've had some bad times. Hope things turn around

[@flowersinwind3141]

I am a 53 year old single woman, I understand.....I too drive a 2009 paid for car, a chevy cobalt (after 33 years of work), my 401k is way too low for what I will need. The government needs to help single people who have not been able to make enough as they failed to stop discrimination in the work place, & they have failed to make sure single people had a fighting chance to save enough for retirement and they failed in over taxing, not to mention giving our money to other countries when people like us were working very hard to make it against rediiculous odds. I too am looking for work (since January 2023). Good luck, thanks for the post.

[@7SideWays]

Gen X retired a few years ago. Friends are still working. Divorce and financial hits like '01, '08 in young adulthood didn't help but I saw the rat race for what it is at 31 and left.

[@heidilevens6284]

Female gen x here (51 yo), there’s absolutely no excuse. The information has been there for a long time and it’s not good enough to say “we weren’t educated “. Take responsibility and educate yourself. I’m personally on track to retire at 55, not including any assets from my husband. If you’re not taking care of your own retirement, don’t think there will be a magic trick at retirement. Tough love, but get saving and investing, make smart choices and thank yourself in the future!

[@ssapp72]

I remember my teachers at my small rural school warning us that social security would probably be broke just in time for my class to retire and get little or nothing. I’m 51 and they were absolutely correct.

[@heidilevens6284]

@@ssapp72 they weren’t far off. I wish it was easier, but our generation need to self prepare. Your teachers were trying to help you. From the sound of your post, you listened. All the best to you!

[@ssapp72]

@@heidilevens6284 I didn't listen as early as I should have... part of that was a very poor choice of spouse but that's done with now. :) I'm investing like a madman, and trying to put it in places and things that will still be safe if the dollar takes a nose dive along with social security and the rest of the economy. Gold, silver, bitcoin, selected stocks, some property... I should be able to retire at 62 not wealthy, but safe and comfortable. Good luck to you as well.

[@GlobalLaowai-rp2td]

Tough love gives practical solutions, not just dishing out a plate of "scolding". Saying the information has been around a long time does not help those who are trying to figure retirement out now, even in their later years. At least those Scott is helping are intentionally trying to solve their problem and learning from him is a step in the right direction.

[@heidilevens6284]

@@GlobalLaowai-rp2td hi there! I’m not scolding anyone. I only started saving at 35 after making enough of my own mistakes. There are lots of videos with practical solutions, that’s not my role here. What I’m trying to say is that it’s not a generational problem, it’s a question of seeing reality and making the tough choices to put future you as a priority. As someone who learned late and caught up, I would say, live as simply as you can, save and invest and avoid debt like the plague. Good habits really do have a positive impact and can snowball quickly. All the best!

[@RebeccaRuano]

SS won’t cover rent in the assisted living facility 😢 Thank you for sharing this information!

[@betterlife_withme]

I am 52, came here from Europe at age of 23. Always worked low income jobs and my husband too. Now we are almost 1 million worth between rental properties, 401k , Roth IRA, trading stocks, KZbin , Blog (new project) Etsy, Amazon kdp. Mortgage free, cars paid off, pretty much debt free. I do have a mortgage on the two rental properties. Its possible 😊

[@livevideoschool]

Wow!!! Good for you guys. 🙌

[@betterlife_withme]

@@livevideoschool thank you 🙏

[@foxtrotwolf6081]

Gen x, y, z, and abc, are inflicted with affluence. Their parents didn't have to struggle through the great depression and they are too old to benefit from Dave Ramsey's videos. The boomer's parents had just pulled out of the great depression and lots of financial experience to pass on to their boomer kids. Gen x, y, and z only saw economic growth so they did the do as they see and not do as they're told. Not many however. You'll see many examples of gen x, y, and z doing well in the comments section.

[@patrickking2550]

I’ll be working til the day I die, we won’t be able to retire, because the younger generations refuse to do jobs we do! Plus, the government keeps moving retirement age up, wouldn’t be able to retire until I’m 67, so why even bother.

[@bencollins9663]

I’m 42 everyone the I work around that’s about my age doesn’t believe in retirement. I’ve worked in the oilfield for 20 years. All of us have had the company’s bail on us. And we’ve bailed on them. Hell baker Hughes wants us all to get our pensions out by the end of the year. I’ll work till I can’t move anymore. Bottom line. And people my age and work around know it. We might have to slow down but we won’t stop. That’s why everyone goes to the gym and works out so we can preform better longer.

[@livevideoschool]

Thanks for watching and sharing :-)

[@davebaer8504]

I never had any expectation of retiring and I don't plan on SS even existing by the time I'm illegible to draw on it. I've got some savings but I fully expect I'll be working in some capacity until the day I die. Retirement is a machination of the 20th century, the idea didn't exist before that, there's no reason to expect that it will possible going forward for everyone.

[@livevideoschool]

Thanks for watching and sharing your thoughts.

[@bencollins9663]

I actually want to work till I die in some kind of manual labor. I’m 42. Retirement is like religion and the economy you have to believe it. Stay in shape work hard build stuff have fun die just as happy broke or poor. It doesn’t matter. Your money is the illusion of comfort. If you got 1k bucks and a good attitude you are gold. Let them worship money and die with large sums of it so their kids and family members can fight over it.

[@BK-gh9us]

If you're reacting now (i.e.start saving now), it's getting to the point of being too late. Not saying you shouldn't start saving today, just saying most people wait for a breaking point before correcting. They wait for the doctor to tell them there's a problem before they pay attention to exercise or diet... they wait for someone to tell them to start having money before they start.

[@jj-eo7bj]

I’m gen X net worth 1 million, pension started drawing at 54 working full time 1 more year 100,000 income w work n retirement

[@livevideoschool]

Sounds like you have a solid plan. Congrats!!!

[@alanwong8307]

The problem with this is that you are using "average", "median" or whatever stat you want to pull to illustrate Gen-X has a wide savings gap toward achieving retirement. The reality is that if you are only "average" or "median" for anything in life at all, you have zero chance of accomplishing much. If you put in average effort, don't expect magnificent results.

[@beachdweller3378]

Genx here. I know I will have to work a part time gig.my younger years post college I worked for myself and saved very little as most of what I made went to paying off college debt. College debt that was supposed to help me get ahead but only held me behind. I am also trying to do many wishlist items before my 60s. Hopefully by then I have tons of equity in my house I can sell and was able to keep up with my 401k contributions even though I'm in the trades and physicality is taking its toll.

[@livevideoschool]

Thanks for watching and sharing. Good luck with everything

[@Ackb1004]

We never thought we'd get old.

[@JenniferBright-h2j]

Great video! Subscribed!

[@livevideoschool]

AWESOME! Thanks for the sub :-)

[@mrbigglesworth375]

This is nothing new! I'm genx and most will be just fine. Same discussion with every generation.

[@livevideoschool]

Thanks for watching and sharing :-)

[@semperfi-1918]

I'm the last year of gen x amd yup I'm not only dissabled as of last year... im still waiting on ssdi and my VA benifits.

[@livevideoschool]

I'm praying you get things figured out. Goo luck

[@semperfi-1918]

@@livevideoschool thanks. Atleast I have ebay and another project to which will build me extra income for now. It'll come together eventually.

[@JohnShreve-hw8zm]

I blame us gen x men… three word answer = PERPETUAL TRUCK PAYMENT

[@livevideoschool]

Ha ha ha yup that big car payment is a problem

[@JohnShreve-hw8zm]

@@livevideoschool $800 to $1500 a month your whole adult life is ridiculous and devastating to your net worth at 50 yo…but practically every man feels like he has to do it

[@mrbungle4163]

i'm gen x. i saw this problem coming when i was a child. i started work at 16 and started saving for my retirement immediately. retired at 36 with a pension, i also own my own house and car with no payments. it's your fault for not having money now, so don't blame anyone else.

[@livevideoschool]

Thanks for watching and sharing your thoughts :-)

[@mattdesroches3219]

GenX will be fine. they got houses when getting houses was good.

[@livevideoschool]

Thanks for watching and sharing your thoughts.

[@mattdesroches3219]

@@livevideoschool sorry i didnt mean for it to come off rude. I fully agree that each generation is going to have a much harder time retiring than the generation before it. I should of been nicer in my approach

[@andyyoung6660]

I am Gen X, just retired at 58. Our income in retirement will be 6-figure with 0 debt, without drawing SS. Found Dave Ramsey in 2005, and followed his advice exactly. The information is out there, you just have to follow it

[@livevideoschool]

Thanks for watching and sharing. Congrats on your retirement :-)

[@ericg9092]

Just found your channel and subscribed. Great video.

[@livevideoschool]

Thanks so much! Thanks for watching 😀

[@peachavenuebooks]

Hello. Did you just wake up? We weren't taught basic life skills.

[@livevideoschool]

ha ha ha...true. and Yes I just woke up :-)

[@survivingthetimes]

I'm not much into the online grifting thing, but I'll have the million by 59 in a few years even though most of my retirement money went up my nose or out my hose starting in the 80's. Eventuality, people will wise up and start taking action to better themselves instead of sitting around watching people on youtube yap on and on about stuff that should be common sense.

[@livevideoschool]

Thanks for watching and sharing. Good luck

[@chipbendle]

Trying for constructive criticism here but I do think this was 2 minutes of a wake up call PSA making a point and 16 minutes of listening to Scott just talk.

[@livevideoschool]

Thanks! So I should just stat the problem and give no context? I’ll consider that 😀 Thanks for watching

[@chipbendle]

@livevideoschool no, I appreciate context but after minute 3 I felt contextualized enough. I'm sure you have people who appreciated explaining your bullets on the right. But for me they were nothing surprising, creative or unusual. They were simple and self explanatory as bullets and I had no questions nor need for 15 more minutes of context. Summary: if you have a gap, fill it, here's four suggestions to do that. End of video. If you held out on these and gave them 1 by 1 through the next 14 minutes, then people might stick around to hear them. I did anyway because I've never seen your videos before now, But I would have personally been disappointed the same due to nothing new learned. Hope that helps.

[@philochristos]

I'mana make knives in my retirement, but I'm still going to try to get rich before I retire so I don''t HAVE to make knives.

[@livevideoschool]

ha ha ha...good luck :-)

[@ycombine1053]

Spoken like someone who is not into golf. Gold will never get boring.

[@livevideoschool]

ha ha ha...you're right :-)

[@MarioLuigi-vb3rp]

Welcome to the homeless crisis get a nice tent that’s your future

[@livevideoschool]

nah...that's not for me :-)

[@MarioLuigi-vb3rp]

@@livevideoschool in general. In order to retire in 20 years you will need at least 5 million dollars 😆

[@stump182]

These videos remind me of the old mail order scams in the 80s that charged you a dollar to give you the idea of setting up a "Mail order business" But really the value was learning that you could charge people a dollar by mail to tell them to charge people a dollar, etc. So yeah, you can make a video that tells people they can make videos. Thanks Boomer.

[@livevideoschool]

ha ha ha that's funny, but so far from the truth. The difference is I've made my living over the last 15 years in various ecommerce brands and not how to make videos :-) But, I understand that people like you are skeptical as there's tons of scams out there. But, if you watched the video you realize it's not just about making videos to tell other to make videos. You actually are building a business in a niche that is fun and lucrative. I wish you all the best :-)

[@michaelbloom5342]

You look exactly like Fred Willard.

[@livevideoschool]

Ha ha ha never got that one before 🤣

[@RobPerkins]

$100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b

[@EnviadoGlobal]

100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b

[@badwolf323]

100K

[@livevideoschool]

Sorry for the delay. Here’s where you can download my $100k KZbin Business Plan 👉 www.livevideoschool.com/100k-business-plan Enjoy 😀

[@donniemoder1466]

This isn't very helpful.

[@livevideoschool]

Hmmmm no? Why? There’s a problem and I tried to give a solution. But not everyone will get it and that’s ok 😀

[@ChantalVanOngevalle]

100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b

[@J3JJ3]

100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b

[@jonwoodworker]

100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b

[@retrolofiradio66]

100k

[@livevideoschool]

Sorry for the delay. Here’s where you can download the slides and guide from my $100k KZbin Business Plan 👉 live-video-school.ck.page/1d4b06a46b